Agency Says Coast House Prices Will Rise

Sunshine Coast Daily (Maroochydore, Australia), November 16, 2010 | Go to article overview

Agency Says Coast House Prices Will Rise


Byline: Gordon Clark

IT won't happen overnight, but it will happen.

New research from national real estate agency PRD nationwide has painted what looks on the surface to be a positive picture of where property prices on the Sunshine Coast are headed ... if you're already a home owner, that is.

Figures show the median price for houses and units in the three former council areas of Noosa, Maroochy and Caloundra all jumped by between 2.9% and 7.8% for the six months to June 30.

But Syd Walker, principal of PRD nationwide at Maroochydore, said it was unclear where the market was headed in the next 12 months.

"At the start of 2009 the market was in death watch ... all the arrows pointed down," he said.

"Median prices have gone up, but it's still all over the place.

"The main driver has been investors and families being more active in the $600,000 plus price range a first home buyers have all but disappeared. It's definitely a two-speed market."

The PRD nationwide research showed the median price for houses sold in the first six months of this year jumped by 6.2% to $535,000 in the former Noosa council area, by 7.8% to $490,500 in the former Maroochy council district, and by 6.4% to $480,000 in the former Caloundra City area.

On the unit front, prices increased 2.9% to $485,000 in Noosa, by 5.1% to $365,000 in Maroochy and by 4.6% to $390,000 in the old Caloundra City council area.

While prices have gone up, the research showed the number of sales in the first six months of this year slumped across not only the Coast but also the rest of South-East Queensland. …

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